Common use of Only Note Trustee to Enforce Clause in Contracts

Only Note Trustee to Enforce. Only the Note Trustee may enforce the provisions of these presents, the Current Issuer Conditions or the Current Issuer Notes. No Noteholder or other Current Issuer Secured Creditor shall be entitled to proceed directly against the Current Issuer or any other party to any of the Transaction Documents unless the Note Trustee having become bound as aforesaid to institute proceedings has failed to do so within 30 days of becoming so bound and such failure is continuing; provided that save to the extent provided in the Current Issuer Conditions, no Junior Noteholder and no Mezzanine Noteholder shall be entitled to take proceedings for the winding up or administration of the Current Issuer unless there are no outstanding Current Issuer Notes of a class with higher priority, or if Current Issuer Notes of a class with higher priority are outstanding, there is consent of Noteholders of not less than 25 per cent. of the aggregate principal amount of the Current Issuer Notes outstanding of the class or classes of Current Issuer Notes with higher priority. Notwithstanding the foregoing and notwithstanding any other provision of these presents, consistent with Section 316 of the Trust Indenture Act, the right of each Noteholder to receive principal and/or interest on its Current Issuer Notes on or after the due date for payment of such principal or interest in accordance with the Current Issuer Conditions or to institute suit for the enforcement of the payment of that principal and/or interest may not be impaired or affected without the consent of the such Noteholder. Notwithstanding anything herein to the contrary any action to be taken under Section 316(a) of the Trust Indenture Act shall comply with Section 316(c) of the Trust Indenture Act and the record date for the purpose of Section 316(c) shall be such date as the Current Issuer shall notify to the relevant Noteholders in accordance with the Current Issuer Conditions.

Only Note Trustee to Enforce. Only the Note Trustee may enforce the provisions of these presents, the Current Issuer Conditions or the Current Issuer Notes. No Noteholder or other Current Issuer Secured Creditor shall be entitled to proceed directly against the Current Issuer or any other party to any of the Transaction Documents unless the Note Trustee having become bound as aforesaid to institute proceedings has failed to do so within 30 days of becoming so bound and such failure is continuing; provided that save to the extent provided in the Current Issuer Conditions, no Junior Mezzanine Noteholder, no Class M Noteholder and no Mezzanine Junior Noteholder shall be entitled to take proceedings for the winding up or administration of the Current Issuer unless there are no outstanding Current Issuer Notes of a class with higher priority, or if Current Issuer Notes of a class with higher priority are outstanding, there is consent of Noteholders of not less than 25 per cent. of the aggregate principal amount of the Current Issuer Notes outstanding of the class or classes of Current Issuer Notes with higher priority. Notwithstanding the foregoing and notwithstanding any other provision of these presents, consistent with Section 316 of the Trust Indenture Act, the right of each Noteholder to receive principal and/or interest on its Current Issuer Notes on or after the due date for payment of such principal or interest in accordance with the Current Issuer Conditions or to institute suit for the enforcement of the payment of that principal and/or interest may not be impaired or affected without the consent of the such Noteholder. Notwithstanding anything herein to the contrary any action to be taken under Section 316(a) of the Trust Indenture Act shall comply with Section 316(c) of the Trust Indenture Act and the record date for the purpose of Section 316(c) shall be such date as the Current Issuer shall notify to the relevant Noteholders in accordance with the Current Issuer Conditions.Issuer

Only Note Trustee to Enforce. Only the Note Trustee may enforce the provisions of these presents, the Current Issuer Conditions or the Current Issuer Notes. No Noteholder or other Current Issuer Secured Creditor shall be entitled to proceed directly against the Current Issuer or any other party to any of the Transaction Documents unless the Note Trustee having become bound as aforesaid to institute proceedings has failed to do so within 30 days of becoming so bound and such failure is continuing; provided that save to the extent provided in the Current Issuer Conditions, no Special Noteholder, no Junior Noteholder and no Mezzanine Noteholder shall be entitled to take proceedings for the winding up or administration of the Current Issuer unless there are no outstanding Current Issuer Notes of a class with higher priority, or if Current Issuer Notes of a class with higher priority are outstanding, there is consent of Noteholders of not less than 25 per cent. of the aggregate principal amount of the Current Issuer Notes outstanding of the class or classes of Current Issuer Notes with higher priority. Notwithstanding the foregoing and notwithstanding any other provision of these presents, consistent with Section 316 of the Trust Indenture Act, the right of each Noteholder to receive principal and/or interest on its Current Issuer Notes on or after the due date for payment of such principal or interest in accordance with the Current Issuer Conditions or to institute suit for the enforcement of the payment of that principal and/or interest may not be impaired or affected without the consent of the such Noteholder. Notwithstanding anything herein to the contrary any action to be taken under Section 316(a) of the Trust Indenture Act shall comply with Section 316(c) of the Trust Indenture Act and the record date for the purpose of Section 316(c) shall be such date as the Current Issuer shall notify to the relevant Noteholders in accordance with the Current Issuer Conditions.

Only Note Trustee to Enforce. Only the Note Trustee may enforce the provisions of these presents, the Current Issuer Conditions or the Current Issuer Notes. No Noteholder or other Current Issuer Secured Creditor shall be entitled to proceed directly against the Current Issuer or any other party to any of the Transaction Documents unless the Note Trustee having become bound as aforesaid to institute proceedings has failed to do so within 30 days of becoming so bound and such failure is continuing; provided that save to the extent provided in the Current Issuer Conditions, no Junior Mezzanine Noteholder, no Class M Noteholder and no Mezzanine Junior Noteholder shall be entitled to take proceedings for the winding up or administration of the Current Issuer unless there are no outstanding Current Issuer Notes of a class with higher priority, or if Current Issuer Notes of a class with higher priority are outstanding, there is consent of Noteholders of not less than 25 per cent. of the aggregate principal amount of the Current Issuer Notes outstanding of the class or classes of Current Issuer Notes with higher priority. Notwithstanding the foregoing and notwithstanding any other provision of these presents, consistent with Section 316 of the Trust Indenture Act, the right of each Noteholder to receive principal and/or interest on its Current Issuer Notes on or after the due date for payment of such principal or interest in accordance with the Current Issuer Conditions or to institute suit for the enforcement of the payment of that principal and/or interest may not be impaired or affected without the consent of the such Noteholder. Notwithstanding anything herein to the contrary any action to be taken under Section 316(a) of the Trust Indenture Act shall comply with Section 316(c) of the Trust Indenture Act and the record date for the purpose of Section 316(c) shall be such date as the Current Issuer shall notify to the relevant Noteholders in accordance with the Current Issuer Conditions.